Closed System Transfer Devices (CSTD) Market Share, Growth, Size 2022 Industry, Development, Global Trends, Factors, CAGR Status, Industry Insights By Top Key Players, Forecast To 2031

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Kenneth Research has evaluated the current market opportunities in Closed System Transfer Devices (CSTD) Market in the healthcare industry for the forecast period 2022-2031, which also includes the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players, along with the worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa, has also been provided in the report.

The global closed system transfer devices (CSTD) market is estimated to garner a revenue of USD 3329.59 Million by the end of 2030 by growing at a CAGR of 16.37% over the forecast period, i.e., 2021 – 2030. Moreover, in the year 2020, the market generated a revenue of USD 735.89 Million. The growth of the market can be attributed primarily to the rising incidences of cancer globally and the growing demand for chemotherapy treatments. According to the statistics by the World Health Organization (WHO), in the year 2020, around 10 Million deaths were registered due to cancer. Closed system transfer device (CSTD) is a drug transfer device which are mainly used in chemotherapy treatments. It has been noticed that chemotherapy drugs usually are hazardous to healthcare workers. These devices mechanically prohibit surface contamination during chemotherapy treatment and therefore provides enhanced safety to the healthcare personnel as well as to the patient and their families.

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The growth of the global closed system transfer devices (CSTD) market can also be attributed to the rising number of oncology drug approvals and the surge in awareness amongst healthcare professionals regarding the hazardous nature of chemotherapy drugs. According to the statistics by the Center for Drug Evaluation and Research (CDER) of the United States Food and Drug Administration (FDA), during the period 2012 and 2021, an average of 43 novel drug approvals per year had been registered. Moreover, a total of 50 novel drug approvals were registered in the year 2021. In addition to this, the statistics also stated that in the same year, CDER approved 4 new therapies for non-small cell lung cancer. The market growth can also be attributed to the rising adoption of automated drug compounding robots, surge in application of closed system transfer devices in various therapeutic areas, rising product development, and the surge in healthcare expenditure worldwide.

Regionally, the global closed system transfer devices (CSTD) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America is anticipated to garner the largest revenue of USD 1170.35 Million by the end of 2030, up from a revenue of USD 260.21 Million in the year 2020. The growth of the market in the region can primarily be attributed to the increasing stringent government regulations for following safety protocols during the delivery of chemotherapy drugs to cancer patients, rising awareness for the hazardous nature of these drugs among the healthcare professionals, and the increasing cases of cancer in the region. According to the statistics by the National Cancer Institute, in the year 2020, it was estimated that 1806590 new cases of cancer would be diagnoses in the United States. Additionally, due to the disease, a total of 606520 people were estimated to die in the same year.

On the other hand, the market in Europe is anticipated to garner the second-largest revenue of USD 1065.80 Million by the end of 2030 and further grow with a CAGR of 16.09% during the forecast period. The market in the region is further segmented by country into Germany, the United Kingdom, Italy, France, Spain, Russia, Netherlands, and the Rest of Europe. The market in Germany is anticipated to garner the largest revenue of USD 241.83 Million by the end of 2030, up from a revenue of USD 52.76 Million in the year 2020.

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• Growing Incidence of Cancer
• Rising Number of Oncology Drug Approvals
• Increasing Awareness for the Hazardous Nature of Chemotherapy Drugs Among Healthcare Professionals

• Lack of Uniform Technical Regulations

The global closed system transfer devices (CSTD) market is segmented on the basis of product type into membrane-to-membrane systems, and needleless systems, out of which, the membrane-to-membrane systems segment is anticipated to garner the largest revenue by the end of 2030 and grow with a CAGR of 15.91% during the forecast period. By component, the market is further segmented into vial access devices, syringe safety devices, bag/line access devices, and others. Out of these, the vial access devices segment is anticipated to garner the largest revenue of USD 1169.75 Million by the end of 2030, up from a revenue of USD 261.20 Million in the year 2020. By closing mechanism, the market is segmented into the push-to-lock system, click-to-lock system, Luer lock system, and color-to-color alignment system. Out of these, the push-to-lock system segment is expected to grow with a CAGR of 16.09% during the forecast period and attain a revenue of USD 1186.79 Million by the end of 2030. On the basis of technology, the market is segmented into diaphragm-based devices, compartmentalized devices, and air cleaning/filtration devices. Out of these, the diaphragm-based devices segment is anticipated to garner the largest revenue of USD 1596.88 Million by the end of 2030, up from a revenue of USD 358.07 Million in the year 2020. By end-user, the market is segmented into hospitals, oncology centers & clinics, and others. Out of these, the hospitals segment generated the largest revenue of USD 551.27 Million in the year 2020 and is further expected to touch USD 2550.61 Million by the end of 2030.

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global closed system transfer devices (CSTD) market that are included in our report are Becton, Dickinson and Company, Yukon Medical, LLC, Caragen Ltd., ICU Medical, Inc., Vygon, JMS North America Corporation, CODAN Companies, Corvida Medical, EquashieldMedical Ltd., and others.

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About Kenneth Research

Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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